3 minutes agoBB: Kosovo will have 3.7% economic growth in 2023
Periskopi(3 years ago)
(3 years ago)The World Bank has indicated that during this year Kosovo is projected to have an economic growth of 3.7%. Albania, on the other hand, is projected to have only 2.2% growth and Serbia with 2.3%. Better stay Montenegro with 3.4%, northern Macedonia stands at 2.4% The World Bank has predicted that [...]
The World Bank in a long report on the global economy has predicted that Kosovo will have the largest economic growth in the region in 2023. Even so, the report says that this can change in the next report.
In all, Kosovo is expected to have an economic growth of 3.7% in 2023. After Kosovo in the second Western Balkans is Montenegro with 3.4%, the third Bosnia with 2.5%, the fourth is Northern Macedonia with 2.4%, Serbia with 2.3%, Albania with 2.2% and Croatia at 0.8%.
“In the Western Balkans, growth is projected to slow to 2.5 percent in 2023, as EU reforms and investments ease the negative effects of high energy and food prices, disruptions of trade flows and investments, and leaks from slowdown in the eurozone”.
But, in the Western Balkans, the World Bank says, there is a serious political uncertainty, with the risk of delaying reform implementation and efficient receiving of relevant funds. The two countries, such as Bosnia and Herzegovina, Montenegro and Northern Macedonia, are mentioned.
Even for 2024, the World Bank has projected the largest economic growth in the region for Kosovo. According to this report, Kosovo is projected to have 4.2% growth in 2024, Albania 3.4%, Croatia and Montenegro 3.1%, Bosnia and Serbia 3.0% and Northern Macedonia 2.7%.
Bruto Local Product of Kosovo continues to be the lowest in the region. According to this World Bank data for 2021, Kosovo BPV per capita had $5,69; Albania had $6,492; Montenegro $9,000 and 465; Bosnia and Herzegovina $700, 143; Serbia $9, 230 and North Macedonia $6,694.
On the other hand, the World Bank in the report noted that production in Europe in general can shrink in 2023 if the energy crisis deepens, resulting in an economic decline in the eurozone, or an even stronger recession in Russia.
“Since June, negative risks related to the power cuts caused by war and imports from Russia have materialised and thus exacerbated the prospect of growth, especially for Russia and the eurozone”.
The World Bank's report on Global Economic Prospects says that overall global growth is slowing significantly in the face of increased inflation, higher interest rates, reduced investments and disruptions caused by the invasion of Ukraine by Russia.
The World Bank has projected the global economy to grow by 1.7% in 2023 and 2.7% to 2024.
The crisis facing development is intensifying as global growth prospects deteriorate”, World Bank Group President David Malpas was quoted as saying.
Developing “Developing countries are facing a long-term period of slow growth driven by heavy debt burdens and poor investments, as global capital is absorbed by advanced economies facing extremely high government debt levels and growing interest rates”.
The report also sheds light on the dilemma of 37 small states, states with a population of 1.5 million or less.
These states, the World Bank suggests, suffered a sharper COVID-19 recession and a much weaker recovery than other economies, in part due to prolonged tourism cuts.
In 2020, economic output in small countries dropped by more than 11% or seven times more than the decline in other emerging economies.
The report calls on the global community to help small states by maintaining the flow of official assistance to support adaptation to climate change and to help restore debt sustainability.
